Over 50% of crypto holders in Singapore now use it for payments: Triple-A

More than half of Singapore holders use digital assets for payments while the property of cryptography is climbing to 26%, the survey reveals.

More people in Singapore have and use cryptocurrency, especially for payments, Times straps reportsCiting a new survey by the triple-a cryptographic payment company. Data show that possession of crypto increased to 26% in 2024, compared to 24.4% in 2023.

Among these holders, around 52% said they used crypto to pay goods and services, while 67% said they were planning to use it more often in the future.

The young Crypto owners, like Gen Zs and the Millennials aged 16 to 44, led by adoption, because around 40% of them hold the crypto. In this group, more than 41% use them for online purchases, while almost 36% for invoice payments and 27% for store purchases, depending on data.

Older users, these 45 and over, seem to use crypto more for peer equal transfers. Among them, almost 43% percent use it to send funds to friends and family, while 35.7% use it for online purchases and more than 17.2% for invoice payments.

Despite the high rate of use of cryptography for payments, challenges remain. The report notes that the complexity involved in the use of the crypto was the first challenge cited by 63% of respondents, followed by security problems of 60% and a lack of acceptance of the merchant 54%.

In February, Crypto.News reported The metro of the Singaporean department store chain plans to accept stablecoin payments both in store and online via Metro Mall. The retailer previously associated itself with the local Société de Payments de Crypto DTCPAY to support transactions using stablecoins such as USDT from Tether (USDT) and the circle (USDC).